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The Dencun hard fork was activated on the Ethereum-compatible Gnosis Chain on March 11, setting the groundwork for its upcoming deployment on Ethereum.
Developers from Gnosis reported that the update proceeded smoothly and without any technical issues.
Dencun Is Active On Gnosis Prior To Ethereum
The Dencun upgrade is anticipated to be implemented on Ethereum this week. As it is a hard fork, all validator nodes must update their software prior to this enhancement.
Dencun will bring several significant modifications to Ethereum. One of these is the introduction of “Blobs,” a technology that can be described as channels for data storage.
“Blobs” are intended to improve the efficiency of data storage and retrieval, enhancing layer-2 scaling and performance on Ethereum.
Smooth Dencun hard-fork! Blobs have arrived on the Gnosis chain
Ethereum mainnet is next in 43 hours pic.twitter.com/OKpRR7pCKK
— Lion ⟠ dapplion .eth (@dapplion) March 11, 2024
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Consequently, once Dencun is activated, layer-2 platforms such as Base, Arbitrum, and others will handle transactions at a lower cost. This is a favorable development for users currently benefiting from reduced fees on these platforms.
Gnosis Chain is compatible with Ethereum and operates on the proof-of-stake “Beacon” chain. Furthermore, its execution layer replicates that of Ethereum.
Given that the architecture is identical to Ethereum, Gnosis is compatible with layer-2 solutions. Therefore, any technology stacks developed for Ethereum rollups will function on Gnosis without requiring modifications from developers.
As anticipated on Ethereum, the Dencun hard fork on Gnosis will further reduce gas fees. Currently, gas fees, paid in xDAI, consistently remain below $0.01. With the Dencun hard fork, this fee is expected to decrease further, making transactions even more economical for users and deploying protocols.
Gnosis Pay And Plans For 3.0
Developers indicate that lower fees will benefit applications on the platform, including Gnosis Pay. With Dencun, Gnosis Pay can operate from layer-2 solutions, enabling the platform to adhere to existing regulations, including data protection laws.
Gnosis DAO is presently focused on Gnosis 3.0. In this phase, the DAO aims to establish a collection of interconnected projects linked by the platform’s native token, GNO. Under Gnosis 3.0, the goal is to develop payment and financial infrastructure.
The post Dencun Goes Live On Gnosis, Ethereum Next In Line appeared first on Cryptonews.
